184
184
Feb 10, 2011
02/11
by
CSPAN
tv
eye 184
favorite 0
quote 0
that came up at the hearing with mr. bernanke. he wants to remove a lot of the energy and food from the inflation measurements. that is where we have all the growth in inflation. i think there is a potential, real inflationary factor, but i don't want to get away from the issue of ethanol. it is almost market competitive. there are some folks in the ethanol industry that say, do away with subsidies, just make sure we have access. but, again, all of agriculture does not agree. those in the livestock sector are not necessarily supportive of ethanol subsidies. host: would you be supportive of cutting ethanol subsidies? guest: they must be reduced. host: can they be eliminated? guest: i think they can. we will have hearings in the ag committee and in ways and means about that. how long can you subsidize an industry? there are folks in the industry that say, give us access to the marketplace to sell our product and we will be competitive with imported oil from the middle east. that is a good thing. we need to develop all of our domesti
that came up at the hearing with mr. bernanke. he wants to remove a lot of the energy and food from the inflation measurements. that is where we have all the growth in inflation. i think there is a potential, real inflationary factor, but i don't want to get away from the issue of ethanol. it is almost market competitive. there are some folks in the ethanol industry that say, do away with subsidies, just make sure we have access. but, again, all of agriculture does not agree. those in the...
90
90
Feb 10, 2011
02/11
by
CSPAN
tv
eye 90
favorite 0
quote 0
thank you very much. >> thank you, mr. chairman, and thank you dr. bernanke for being here. i want to see it a little on the subject matter of debt ceiling and then i want to move into state pension reform in state debt and deficit and how that may impact decisions congress has to make. earlier during the hearing someone had referred to a debt ceiling vote as quote routine. i happened to be one of people who believe that's part of the promise that we having. this notion that we're going to continue as the federal government to borrow beyond our means i think as a direct impact to the global markets, to our marketeer and to consumers and employers and small business owners that are trying to have predictability are the ones are going to really help us emerge stronger as a nation and as an economy. i also is concerned about some of the comments you have made our phrases you have used. some i appreciated and agree with, and some of that concern me. one was unwind some of the semester i agree with it. i think what you're saying is that we should be stopping the use of stimulus a
thank you very much. >> thank you, mr. chairman, and thank you dr. bernanke for being here. i want to see it a little on the subject matter of debt ceiling and then i want to move into state pension reform in state debt and deficit and how that may impact decisions congress has to make. earlier during the hearing someone had referred to a debt ceiling vote as quote routine. i happened to be one of people who believe that's part of the promise that we having. this notion that we're going...
125
125
Feb 4, 2011
02/11
by
CSPAN
tv
eye 125
favorite 0
quote 0
mr. bernanke's willingness to use the power of the fed to intervene in the financial markets is credited by many with keeping the great recession from becoming the great depression. those measures have been controversial. ron paul has re-introduced legislation that would require a full audit of the fed. the legislation is seen as a challenge to the fed pause a goal and tradition of political independence. some conservative economists and some fellow governors think mr. bernanke paused efforts may have gone too far including the decision to inject another $600 billion into the economy to foster the recovery. is the fed courting inflation in response to a persistently high unemployment. the european central bank expressed the view that longer- term price pressures remain contained despite rising energy commodities cost per president jean-claude trichet repeated the very close monitoring of inflation as warranted. i am particular grateful that chairman bernanke agreed to be our first luncheo
mr. bernanke's willingness to use the power of the fed to intervene in the financial markets is credited by many with keeping the great recession from becoming the great depression. those measures have been controversial. ron paul has re-introduced legislation that would require a full audit of the fed. the legislation is seen as a challenge to the fed pause a goal and tradition of political independence. some conservative economists and some fellow governors think mr. bernanke paused efforts...
106
106
Feb 14, 2011
02/11
by
KNTV
tv
eye 106
favorite 0
quote 0
mr. chocolate, jacques torres joins me with some valentine's day treats and the taste of success. "the wall street journal report" begins right now. >> this is america's number one financial news program, "the wall street journal report." now maria bartiromo. >> here is a look at what is making news as we head into a new week on wall street. the very symbol of american capitalism is for sale, and it's likely to be acquired by a german company. the new york stock exchange is in advanced talks to be acquired by the deutsch borsa, the german new york stock exchange. it would be more than 60% owned by the foreign company, but the deal is still facing political and regulatory hurdles. the new york stock exchange began more than two centuries ago against a buttonwood tree in lower manhattan. the dow jones industrial average snapped an eight-day winning streak on thursday after setting two and a half year highs during the week. then rebounded on friday. at hearings on capitol hill, federal reser
mr. chocolate, jacques torres joins me with some valentine's day treats and the taste of success. "the wall street journal report" begins right now. >> this is america's number one financial news program, "the wall street journal report." now maria bartiromo. >> here is a look at what is making news as we head into a new week on wall street. the very symbol of american capitalism is for sale, and it's likely to be acquired by a german company. the new york stock...
84
84
Feb 7, 2011
02/11
by
KNTV
tv
eye 84
favorite 0
quote 0
in a rare appearance before reporters at the national press club, mr. bernanke gave a more upbeat assessment of the economy than he has in recent months, but he also said that the economy is still in a deep hole, and that it will take several years for employment to return to normalized levels. the markets smashing through some major milestones this week. on tuesday, the dow finishing above 12,000. the s&p 500 above 1300, for the first time in two years. the markets were flat midweek. the markets were up, though, again on friday. more strong earnings news. exxon mobil blew away expectations. said it would restore dividend censorship since the oil spill disaster. mastercard surpassed. gm rose 23% compared to last january. that was better than expected. toyota up 17%. ford was up 13%, but still below expectations. chrysler rose 22%. >>> the world is watching the uprising in egypt, but aside from the politics there is of course an economic impact of what is going on there. just what could it mean for your portfolio? joining me now is richard bernstein, ceo
in a rare appearance before reporters at the national press club, mr. bernanke gave a more upbeat assessment of the economy than he has in recent months, but he also said that the economy is still in a deep hole, and that it will take several years for employment to return to normalized levels. the markets smashing through some major milestones this week. on tuesday, the dow finishing above 12,000. the s&p 500 above 1300, for the first time in two years. the markets were flat midweek. the...
129
129
Feb 10, 2011
02/11
by
CSPAN
tv
eye 129
favorite 0
quote 0
mrs. mcclellan. >> thank you, mr. chairman. chairman bernanke, thank you for being here. i believe that we have a lot of work ahead of us. i want to thank you for the work that you did in stabilizing our economy. i look forward to hearing some of your advice, suggestions, and ideas on how we move forward with getting out of the great recession. i want to be part of the solution. we hear a lot of talk here in congress about spending, but i am also concerned about the perks that lobbyists have been able to get for special interest in our tax code. i take we need to put everything on the table. having said that, today we focus on spending quite a bit. in fact, i will paraphrase a popular tea party slogan. the federal government does not have a revenue problem, it has a spending problem. last week, chairman bryant put forth his best effort to reduce the deficit with spending targets cuts at $41 billion in the fiscal year 2011 budget. the deficit was expected to be 2.5%. that leaves 97.5% of the deficit in tact. in an extreme scenario, if all 176 republican committee members w
mrs. mcclellan. >> thank you, mr. chairman. chairman bernanke, thank you for being here. i believe that we have a lot of work ahead of us. i want to thank you for the work that you did in stabilizing our economy. i look forward to hearing some of your advice, suggestions, and ideas on how we move forward with getting out of the great recession. i want to be part of the solution. we hear a lot of talk here in congress about spending, but i am also concerned about the perks that lobbyists...
65
65
Feb 4, 2011
02/11
by
CSPAN2
tv
eye 65
favorite 0
quote 0
mr. ambassador, you said they haven't asked for any continuing presence at the present time. and this is a tough question because you don't have a crystal ball. do you expect that they will ask for maybe some continuing military presence after the expiration date? >> it's a possibility, do you expect it? >> again, my crystal ball doesn't reach that far, senator. i expect them to want to talk more with us about their security needs, how these security needs can be met. this is a country with security forces right thousand of some 650,000. they have, basically, beaten an insurgency, and they're doing well against a continued but still relatively small compared to the past terrorist threat. .. >> we are already preparing to provide that help. police training, fm less funding and all that sort of thing. the multitude of security and military assistance of various forms that are required particularly to turn them into a foundational conventional defense force which they need legal will require
mr. ambassador, you said they haven't asked for any continuing presence at the present time. and this is a tough question because you don't have a crystal ball. do you expect that they will ask for maybe some continuing military presence after the expiration date? >> it's a possibility, do you expect it? >> again, my crystal ball doesn't reach that far, senator. i expect them to want to talk more with us about their security needs, how these security needs can be met. this is a...
106
106
Feb 15, 2011
02/11
by
CSPAN2
tv
eye 106
favorite 0
quote 0
mr. guerre. doctors implant has a question speemac -- doctors that -- that's fundamentally different if you are doing something very, very different from what you were doing in kandahar, correct? you were advising the government. you weren't building -- >> what we had to do was use knowledge of how already built systems work. that's sometimes more difficult to our engineers had to be very creative internet how to use all of these facilities that have been built by a bunch of different donors that were not to the standards that you talk about where they're all the same standard. and our creative engineers did figure out how to do that. frankly, it's easier to design and all yourself and don't have to figure how do you do something that's already in place. >> did you help draft the agreements based on that knowledge? >> would talk about two different things. getting the power down -- >> i'm not asking about -- >> we advise them on how? we were consultants on the power purchase agreements. w
mr. guerre. doctors implant has a question speemac -- doctors that -- that's fundamentally different if you are doing something very, very different from what you were doing in kandahar, correct? you were advising the government. you weren't building -- >> what we had to do was use knowledge of how already built systems work. that's sometimes more difficult to our engineers had to be very creative internet how to use all of these facilities that have been built by a bunch of different...
182
182
Feb 4, 2011
02/11
by
CSPAN2
tv
eye 182
favorite 0
quote 0
., mr. bernanke talked about the national debt and said the federal budget is on a, quote, unsustainable path. this is an hour. >> i cover business of the economics dues for the associated press and i president of the national press club. we are the world's leading professional organization for journalists and we are committed to the provisions future through our programming and by fostering a free press worldwide. for more information about the national press club please visit our web site at would back press.org, you can also find information about how to donate to our library. for all of our members worldwide, i would like to welcome our special speaker today and all of those attending the event include guest of the speakers as well as working journalists. i would also like to welcome the c-span and public radio audiences, and you can follow the conversation on the twittered with the hash tag npslunch. i will last as the questions as time permits and i would now like to introduce the head
., mr. bernanke talked about the national debt and said the federal budget is on a, quote, unsustainable path. this is an hour. >> i cover business of the economics dues for the associated press and i president of the national press club. we are the world's leading professional organization for journalists and we are committed to the provisions future through our programming and by fostering a free press worldwide. for more information about the national press club please visit our web...
159
159
Feb 4, 2011
02/11
by
CSPAN2
tv
eye 159
favorite 0
quote 0
mr. chairman yesterday the renewal energy -- excuse me, released a finding stating oil pipeline out of canada into the united states would reduce our dependence on middle eastern oil. would you agree with the department of energy's findings there? >> i've briefly reviewed the study that you are referring to which was conducted in the context of xl pipeline. the main kind of issues or changing that might take place, whether or not the oil will be produced and that study seemed to suggest that would be produced regardless of whether it was a pipeline and it would likely be exported to the best to asia as opposed to south of the united states. the implication in terms of u.s. imports, you know, that study conclusions would most likely rather than coming from canada could come from the middle east. we've had declines and are expecting further decline from mexico and venezuela crudes which would have been historically sources of that crude oil because we have complex refineries that can use th
mr. chairman yesterday the renewal energy -- excuse me, released a finding stating oil pipeline out of canada into the united states would reduce our dependence on middle eastern oil. would you agree with the department of energy's findings there? >> i've briefly reviewed the study that you are referring to which was conducted in the context of xl pipeline. the main kind of issues or changing that might take place, whether or not the oil will be produced and that study seemed to suggest...
117
117
Feb 15, 2011
02/11
by
CSPAN
tv
eye 117
favorite 0
quote 0
mr. chairman. what us -- what a fine statement of the situation we find ourselves in. i am very pleased in the country -- and the country should be pleased to have you in a key position that you now hold. the question to me with the budget always has been, will this change the trajectory that we are on? because every witness we have ever had -- they say that we are unsustainable path. it runs the risk of a cataclysmic event and they can happen very quickly just like it did in 2007, just like it did in greece, and they are in the direct -- responsibility of the elected leadership of this country. when you see a danger, it is a duty and responsibility of leaders of their country's to do the things they can avoid that -- that can avoid that danger. and we definitely are facing the danger. this is not being made out, it is not being exaggerated. everyone on the bipartisan that -- debt commission believes that we are facing a danger. is it too much? when can something happen? we never know. so
mr. chairman. what us -- what a fine statement of the situation we find ourselves in. i am very pleased in the country -- and the country should be pleased to have you in a key position that you now hold. the question to me with the budget always has been, will this change the trajectory that we are on? because every witness we have ever had -- they say that we are unsustainable path. it runs the risk of a cataclysmic event and they can happen very quickly just like it did in 2007, just like it...
115
115
Feb 15, 2011
02/11
by
CSPAN
tv
eye 115
favorite 0
quote 0
bernanke and the joint chiefs of staff. i been on planes where generals had generals serving generals and that snds all wrong to me. i thank you, mr. chairman. i know it's a difficult job. thank you. >> thank you. >> just a very brief comment p t about the issue of shared sacrifice. it seems to me that, if i recall right, mr. rogers or even mr. dicks might be able to help me, i believe we have about 40% of the people in this country who pay no taxes whatsoever. and so when you talk about shared sacrifices, thosere people who are being given lots of things by the rest of us, but they certainly are not sacrificing in the sense that other people are who work a pay taxes. >> are you talking about -- >> thank you. >> thank you, mr. chairman. chairman rogers, appreciate all the time and effort your committee put into this, mr. dicks, certainly appreciate your input. you know, when we're elected on november 2nd, it was a clear mandate in regards to they want government to operate differently, the american people. but the bigger pr
bernanke and the joint chiefs of staff. i been on planes where generals had generals serving generals and that snds all wrong to me. i thank you, mr. chairman. i know it's a difficult job. thank you. >> thank you. >> just a very brief comment p t about the issue of shared sacrifice. it seems to me that, if i recall right, mr. rogers or even mr. dicks might be able to help me, i believe we have about 40% of the people in this country who pay no taxes whatsoever. and so when you talk...
65
65
Feb 9, 2011
02/11
by
CSPAN2
tv
eye 65
favorite 0
quote 0
thank you, mr. chairman. >> mr. campbell. >> thank you chairman ryan and chairman bernanke. something's economics are typical ends somethings are structural. you mentioned earlier today that you thought that unemployment are. no, the other point would remain elevated for an extended period of time. how much of our current high unemployment in your view is cyclical and how much is structural? >> i don't have a precise number but we have done a lot of work looking at this and i would say that the bulk of it is still cyclical. risk is that if it goes on long enough and it will start becoming structural as people lose their skills and their connection to the labor force. >> is it fair to say that you control only over monetary policy, not fiscal policy and government policy, and that it to the extent that unemployment is structural and that is something truly out of your per day to deal with, qe2 or any other form of monetary policy? >> that's correct. >> i'd like to talk what mr. ryan refer to a minute ago about this spending and investing a lot of talk these days about what we
thank you, mr. chairman. >> mr. campbell. >> thank you chairman ryan and chairman bernanke. something's economics are typical ends somethings are structural. you mentioned earlier today that you thought that unemployment are. no, the other point would remain elevated for an extended period of time. how much of our current high unemployment in your view is cyclical and how much is structural? >> i don't have a precise number but we have done a lot of work looking at this and i...
128
128
Feb 21, 2011
02/11
by
CSPAN
tv
eye 128
favorite 0
quote 0
. >> and derivatives surveillance. .e cannot rely on and sro >> i remember when mr. bernanke told us that he would have to dance $80 billion to aig, and a week later, they needed another $100 billion. no one and aig had any idea what the exposure was. i guess that would no longer be the case. but for hedge funds in derivatives, many of us believe they were insufficiently, not just regulated, but we did not have much information about them. they were a blank slate. we have had funds with registration and monitoring with derivatives and financial regulatory -- entities regulated. but i take it to get the budget levels proposed in the bill that came out of the appropriations committee, neither one of your agencies would be able to do anything significant regarding new responsibilities involving derivatives and hedge funds. is that correct? >> that is correct. we would be involved in a large reduction of force, about 65%. they end users would not benefit from any transparency. >> i do not know what the reduction of force of technology would be. but we would certainly not
. >> and derivatives surveillance. .e cannot rely on and sro >> i remember when mr. bernanke told us that he would have to dance $80 billion to aig, and a week later, they needed another $100 billion. no one and aig had any idea what the exposure was. i guess that would no longer be the case. but for hedge funds in derivatives, many of us believe they were insufficiently, not just regulated, but we did not have much information about them. they were a blank slate. we have had funds...
92
92
Feb 9, 2011
02/11
by
CSPAN2
tv
eye 92
favorite 0
quote 0
. >> thank you, mr. chairman. >> mr. ryan. >> thank you, chairman ryan. thank you, dr. bernanke. one of the mandates for the fed is to keep unemployment low. there's some folks in town who think that that should no longer be the role of the fed. how would you have negotiated this crisis and where would we be today if he did not have that mandate? >> well, our policies would have probably been somewhat similar because from both sides, we had both high unemployment and low inflation so both of those things have moved us to the accommodative. that being said in situations like this where unemployment is very high and inflation is low, i think that monetary policy does have some scope to support recovery, and, therefore, to help on the employment site. so i say that but again, reemphasizing just like other central banks the federal reserve is very committed to price stability and we will make sure that happens as well. >> would we have the unemployment numbers today if you didn't have the ability, or the mandate to look out for unemployment and try to keep it low? >> it's really very
. >> thank you, mr. chairman. >> mr. ryan. >> thank you, chairman ryan. thank you, dr. bernanke. one of the mandates for the fed is to keep unemployment low. there's some folks in town who think that that should no longer be the role of the fed. how would you have negotiated this crisis and where would we be today if he did not have that mandate? >> well, our policies would have probably been somewhat similar because from both sides, we had both high unemployment and low...
199
199
Feb 1, 2011
02/11
by
CSPAN
tv
eye 199
favorite 0
quote 0
. >> mr. berner anke answered in a similar manner to you -- mr. bernanke. i quoted him as being 100% certain that he could pull back and not allow inflation to take off, but he said that he really said he is 100% certain that he has the tools to avoid that. >> we should not be taking this risk. his original goal was to lower the interest rates on corporate bonds. that has not worked. what we are exposing ourselves to is the shorter maturity -- they are buying long-term bonds in. that is the opposite of the direction we should be going. >> leaving us more exposed to short-term? >> that's right. you are worried about keeping your job and the banker calls up and says wouldn't you like to move from a 30-year mortgage down to a three-year floating- rate mortgage? don't take that choice. that is what the fed is doing. they're moving the country from a long-term tax rate mortgage poor short-term floating rate mortgage at a time when we are already a little bit shaky. >> with regards to this, if any of you would like to comment, i think it is a matter out there in
. >> mr. berner anke answered in a similar manner to you -- mr. bernanke. i quoted him as being 100% certain that he could pull back and not allow inflation to take off, but he said that he really said he is 100% certain that he has the tools to avoid that. >> we should not be taking this risk. his original goal was to lower the interest rates on corporate bonds. that has not worked. what we are exposing ourselves to is the shorter maturity -- they are buying long-term bonds in....
154
154
Feb 15, 2011
02/11
by
CSPAN2
tv
eye 154
favorite 0
quote 0
bernanke and the joint chiefs of staff. i been on planes where generals had generals serving generals and that sounds all wrong to me. i thank you, mr. chairman. i know it's a difficult job. thank you. >> thank you. >> just a very brief comment p t about the issue of shared sacrifice. it seems to me that, if i recall right, mr. rogers or even mr. dicks might be able to help me, i believe we have about 40% of the people in this country who pay no taxes whatsoever. and so when you talk about shared sacrifices, those are people who are being given lots of things by the rest of us, but they certainly are not sacrificing in the sense that other people are who work and pay taxes. >> are you talking about -- >> thank you. >> thank you, mr. chairman. chairman rogers, appreciate all the time and effort your committee put into this, mr. dicks, certainly appreciate your input. you know, when we're elected on november 2nd, it was a clear mandate in regards to they want government to operate differently, the american people. but the big
bernanke and the joint chiefs of staff. i been on planes where generals had generals serving generals and that sounds all wrong to me. i thank you, mr. chairman. i know it's a difficult job. thank you. >> thank you. >> just a very brief comment p t about the issue of shared sacrifice. it seems to me that, if i recall right, mr. rogers or even mr. dicks might be able to help me, i believe we have about 40% of the people in this country who pay no taxes whatsoever. and so when you...
136
136
Feb 10, 2011
02/11
by
CSPAN2
tv
eye 136
favorite 0
quote 0
i asked mr. bernanke yesterday, tell us about the current economic growth projections. how long before we get down to the right to unemployment level? five or 10 years is not good enough. the idea that we could have a $1.50 trillion deficit and people talk about $40 billion in cuts, and that is a rounding error -- we need to be serious and face the problem head-on. mr. bernanke did indicate that the long-term economic indicator -- impact of these deficits will be stunning. we cannot grow our way out of the deficit. we have to reduce what we are doing. host: do you think there is the political will to make some of the structural changes you have described and that president obama talked about in the state of the union address? guest: i believe there is, but i'm very optimistic. i think that's what the election was about in part. people were upset about the direction of the country and recognized that we just cannot carry $14.30 -- $1.40 trillion deficits. people at home tell me, hey, congressman, if you're going to raise the debt ceiling, tell me exactly what you are goi
i asked mr. bernanke yesterday, tell us about the current economic growth projections. how long before we get down to the right to unemployment level? five or 10 years is not good enough. the idea that we could have a $1.50 trillion deficit and people talk about $40 billion in cuts, and that is a rounding error -- we need to be serious and face the problem head-on. mr. bernanke did indicate that the long-term economic indicator -- impact of these deficits will be stunning. we cannot grow our...
111
111
Feb 6, 2011
02/11
by
CSPAN
tv
eye 111
favorite 0
quote 0
i do not think mr. bernanke deserves credit that belongs with easy money. they made reference to this in the final question. they apply a very real and high interest rates for several years. now we see the same process just in reverse. look at its -- it took several years for the market to see volcker's policy would lead to a decline in interest rates. it could take years for the markets to realize the fed policy is highly inflationary. any comment on that? >> i agree with that concern. i think the fed should stop buying bonds. as far as the risk has been for us of higher inflation, one problem that we run into is people do not focus on the problem when it is distance. it does not to give you the urgency. one of the things we are doing today is tuesday, we do not know what is going to happen next month or year, but we are too close to the brink on the tipping point. please stop spending and try to find procedures that will give us confidence about spending as well. well.
i do not think mr. bernanke deserves credit that belongs with easy money. they made reference to this in the final question. they apply a very real and high interest rates for several years. now we see the same process just in reverse. look at its -- it took several years for the market to see volcker's policy would lead to a decline in interest rates. it could take years for the markets to realize the fed policy is highly inflationary. any comment on that? >> i agree with that concern. i...
147
147
Feb 15, 2011
02/11
by
CSPAN2
tv
eye 147
favorite 0
quote 0
mr. chairman. good. >> the rules committee will come >>thrder. we are a guest first the oversight plan, okay, so first e ay.are here for consideration of adoption of the oversight plan of the committee for the 112th congress.th congress, and we have a motion from the gentlewoman from grandfather community. the gentlewoman is recognized. >> thank you, mr. chairman. i move that the committee adopt the oversight plan for the 112th congress and authorize its transmission to the committee on oversight and government reform and the committee on house administration in accordance with the rules of the house. >> you've heard the gentlewoman's motion. let me just say clause 2d-1 of the rules require each standing committee not later than february 15th, the first session, to adopt an oversight plan and since this is valentine's day, february 14th, i guess we're just getting in there. the committee staff has circulated the text to all members last wednesday, which more than meets the 24-hour require
mr. chairman. good. >> the rules committee will come >>thrder. we are a guest first the oversight plan, okay, so first e ay.are here for consideration of adoption of the oversight plan of the committee for the 112th congress.th congress, and we have a motion from the gentlewoman from grandfather community. the gentlewoman is recognized. >> thank you, mr. chairman. i move that the committee adopt the oversight plan for the 112th congress and authorize its transmission to the...
136
136
Feb 2, 2011
02/11
by
CSPAN2
tv
eye 136
favorite 0
quote 0
bernanke has had -- i don't think he deserves credit for advising mr. greenspan for long use the money to long. i would ask mr. is her last on the roundtable added this. since he made reference to mr. volker, in the late 90s and 80s, paul volker crunched inflation spyplane high interest rates for several years. now we are seeing the same process just in reverse. just look at it several years, just as it took several years for the market to see the volker's policy would lead to declines in inflation and interest rate cut would take years for the market to realize the fed's current policies are highly inflationary. any comments on not? >> i agree with that concern and i think the fed should stop buying bonds. and it's a high priority for both this standpoint and a monetary policy standpoint that they do that. as far as the risk for us of higher inflation, one problem that we run into is whenever the problems distance, then people will focus on it. so if i say when do we think we'll go over 5% inflation? probably not for one or two years. and so, that does
bernanke has had -- i don't think he deserves credit for advising mr. greenspan for long use the money to long. i would ask mr. is her last on the roundtable added this. since he made reference to mr. volker, in the late 90s and 80s, paul volker crunched inflation spyplane high interest rates for several years. now we are seeing the same process just in reverse. just look at it several years, just as it took several years for the market to see the volker's policy would lead to declines in...
94
94
Feb 10, 2011
02/11
by
CSPAN
tv
eye 94
favorite 0
quote 0
mr. wilson: mr. speaker, federal reserve chairman ben bernanke of dylan, south carolina, is the latest leading economist to admit that out-of-control deficits could hurt our national economy. last week mr. bernanke warned, sustained high rates of government borrowing would both drain funds away from private investment and increase our debt to foreigners. this borrowing would lead to higher lending costs with small businesses and consumers. this threatens small businesses across america trying to create jobs. at the same time house republicans are proposing billions in spending cuts. house budget chairman paul ryan called this a down payment on attacking washington's spending spree. this is just the beginning, as speaker john boehner has stated, there is no limit to the amount of spending we'll be willing to cut. republicans made a pledge to america and we're now making good on that. in conclusion, god bless our troops and we'll never forget september 11 and the global war on terrorism. the speaker pr
mr. wilson: mr. speaker, federal reserve chairman ben bernanke of dylan, south carolina, is the latest leading economist to admit that out-of-control deficits could hurt our national economy. last week mr. bernanke warned, sustained high rates of government borrowing would both drain funds away from private investment and increase our debt to foreigners. this borrowing would lead to higher lending costs with small businesses and consumers. this threatens small businesses across america trying...
149
149
Feb 15, 2011
02/11
by
CSPAN
tv
eye 149
favorite 0
quote 0
and that's the quantitative easing that mr. bernanke has triggered off. so the printing of money then has its own downside. we won't talk much about that tonight, although it is probably the most significant thing in our business climate that we face, an unstable dollar, that is one where we're spending more dollars, the value begins to erode , and people in their homes tonight would be watching the price of vegetables go up, the price of gold has gone up, the price of silver. those don't have any more intrinsic value. in other words, a vegetable a year ago in our life would be consumed and have about the same value the price of gold hasn't gotten any new manufacturing techniques that would be pulling great supplies off the market, driving the price up through supply and demand. the same thing with silver. and in fact, those prices are escalating dramatically right now because we have so many dollars, because we're printing money. and, by the way, we printed last year about $2.6 trillion, more or less. so we have quaint tatively eased. we -- we have quant
and that's the quantitative easing that mr. bernanke has triggered off. so the printing of money then has its own downside. we won't talk much about that tonight, although it is probably the most significant thing in our business climate that we face, an unstable dollar, that is one where we're spending more dollars, the value begins to erode , and people in their homes tonight would be watching the price of vegetables go up, the price of gold has gone up, the price of silver. those don't have...
93
93
Feb 15, 2011
02/11
by
CSPAN
tv
eye 93
favorite 0
quote 0
the president said that, mr. bernanke said that, mr. paulson said that. so we adopted legislation that tried to stabilize that economy and the good news is, we have. we haven't gotten to where we want to be. we want to create more jobs. as the president says, we want to invest in growing our economy and bringing jobs bag. -- back. there will be some very tough decisions we'll have to make moving forward, and frankly as the chairman of the appropriations committee knows and as the ranking member of the appropriations committee knows, you will not get there focused simply on 14% of the budget. it will not happen, my friends. you might want to delude yourself or delude our constituents and say that you can simply cut all 14% of nondefense discretionary spending. and you'll still have an operating deficit this year if we cut out every nickel. of -- every nickel of discretionary spending. that discretionary spending educates our children. it promotes our health. it promotes our commerce. it promotes building the economy. that's what this issue is about. the ch
the president said that, mr. bernanke said that, mr. paulson said that. so we adopted legislation that tried to stabilize that economy and the good news is, we have. we haven't gotten to where we want to be. we want to create more jobs. as the president says, we want to invest in growing our economy and bringing jobs bag. -- back. there will be some very tough decisions we'll have to make moving forward, and frankly as the chairman of the appropriations committee knows and as the ranking member...
170
170
Feb 6, 2011
02/11
by
CSPAN
tv
eye 170
favorite 0
quote 0
speaking of the national press club, mr. bernanke also warned about the growing u.s. debt and said the federal budget is on un "unsustainable path." this is about an hour. >> [applause] >> thank you. thank you and good afternoon. i am very pleased to have the chance to be here at the national press club. i'm especially glad to have a conversation with journalists, who write about economic policy from our nation's capital. your job isn't easy, but it is essential. virtually every american is affected by developments in the economics and economic policy. contemporary economic issues are highly complex, and few non specialists have the time or background to master these issues on their own. the public has to rely on diligent reporting, clear thinking, and lucid writing. reporters are determined to go beyond bumper stickers and sound bites to help people understand what they need to know, make the decisions in their personal finances and theirthe polls -- and at the polls. i know that journalists take these responsibilities seriously. thank you for what you do. today, i a
speaking of the national press club, mr. bernanke also warned about the growing u.s. debt and said the federal budget is on un "unsustainable path." this is about an hour. >> [applause] >> thank you. thank you and good afternoon. i am very pleased to have the chance to be here at the national press club. i'm especially glad to have a conversation with journalists, who write about economic policy from our nation's capital. your job isn't easy, but it is essential. virtually...
18
18
tv
eye 18
favorite 0
quote 0
well the majority report finds fault with too fed chairman alan greenspan and ben bernanke. in particular it criticizes mr greenspan for advocating deregulation and cites a pivotal failure to stem the flow of toxic mortgages under his leadership as a prime example of negligence so we can now say you know alan greenspan is always on the news lately he's always appearing in the mainstream media in america telling americans like basically white washing his own record and saying. he's somehow considered still an expert on how to run an economy and his opinion is sought so now we must say that they must fully disclose and reveal that this man has been found guilty of negligence and incompetence. needs a warning label like cigarettes you know cigarettes those cigarettes can cause cancer they haven't you know pictures of people rotting lungs whenever greenspan appears on t.v. made his claim or this man is a terrorist whatever he says is alive pathological liar so is jamie dimon to me jamie diamond j.p. morgan all the act with which they made during the crisis where there is probabl
well the majority report finds fault with too fed chairman alan greenspan and ben bernanke. in particular it criticizes mr greenspan for advocating deregulation and cites a pivotal failure to stem the flow of toxic mortgages under his leadership as a prime example of negligence so we can now say you know alan greenspan is always on the news lately he's always appearing in the mainstream media in america telling americans like basically white washing his own record and saying. he's somehow...
91
91
Feb 10, 2011
02/11
by
CSPAN
tv
eye 91
favorite 0
quote 0
thank you, mr. chairman. >> mr. campbell. >> thank you chairman ryan and chairman bernanke. something's economics are typical ends somethings are structural. you mentioned earlier today that you thought that unemployment are. no, the other point would remain elevated for an extended period of time. how much of our current high unemployment in your view is cyclical and how much is structural? >> i don't have a precise number but we have done a lot of work looking at this and i would say that the bulk of it is still cyclical. risk is that if it goes on long enough and it will start becoming structural as people lose their skills and their connection to the labor force. >> is it fair to say that you control only over monetary policy, not fiscal policy and government policy, and that it to the extent that unemployment is structural and that is something truly out of your per day to deal with, qe2 or any other form of monetary policy? >> that's correct. >> i'd like to talk what mr. ryan refer to a minute ago about this spending and investing a lot of talk these days about what we
thank you, mr. chairman. >> mr. campbell. >> thank you chairman ryan and chairman bernanke. something's economics are typical ends somethings are structural. you mentioned earlier today that you thought that unemployment are. no, the other point would remain elevated for an extended period of time. how much of our current high unemployment in your view is cyclical and how much is structural? >> i don't have a precise number but we have done a lot of work looking at this and i...
75
75
Feb 22, 2011
02/11
by
CSPAN2
tv
eye 75
favorite 0
quote 0
. >> thank you, mr. walsh. senator shelby. >> thank you, mr. chairman. i'll direct this question first to chairman bernanke and then some others. in a recent financial times article, secretary geithner talked about the difficulty of designating non-bank financial institutions as systemic. he said, and i'll quote, it depends too much on the state of the world at the time. you won't be able to make a judgment about what is systemic and what's not until you know the nature of the shock, end quote. i find the secretary's comments interesting given his strong support of title one of dodd-frank when we went through this. if it's impossible to know what firms are systemic until a crisis occurs, the financial stability oversight council will have a very difficult time objectively selecting systemic banks and nonbanks for heightened regulation. mr. chairman, as a member of the council, what's your view on whether firms can be designated as systemic without creating some type of a arbitrary process here? >> senator, it is a difficult problem. >> i know. >> you hav
. >> thank you, mr. walsh. senator shelby. >> thank you, mr. chairman. i'll direct this question first to chairman bernanke and then some others. in a recent financial times article, secretary geithner talked about the difficulty of designating non-bank financial institutions as systemic. he said, and i'll quote, it depends too much on the state of the world at the time. you won't be able to make a judgment about what is systemic and what's not until you know the nature of the...
153
153
Feb 18, 2011
02/11
by
CSPAN
tv
eye 153
favorite 0
quote 0
. >> thank you, mr. walsh. senator shelby? >> thank you, mr. chairman. i will direct this question first to chairman bernanke in the than some others. in a recent financial times article, secretary geithner talked about the difficulty of designating non-bank financial lens etentions as systemic he said, and i will quote, it depends too much on the state of the world of the time you want people to get judgment about what is systemic and what's not until you know the nature of the shock, in def quote. i find the secrery's comments interesting given his strong support of dodd-frank. if it is impossible to know what firms are systemic until the crisis occurs, the financial stability oversight council will have a very difcult time objectively selecting systemic banks and nonbanks behind the regulation. mr. chairman, as a member of the council, what is your view on whether the firms can be designated as a systemic without creating some type of arbitrary process? >> senator, it is a difficult problem. as you say, you have different type of frms respond to diffe
. >> thank you, mr. walsh. senator shelby? >> thank you, mr. chairman. i will direct this question first to chairman bernanke in the than some others. in a recent financial times article, secretary geithner talked about the difficulty of designating non-bank financial lens etentions as systemic he said, and i will quote, it depends too much on the state of the world of the time you want people to get judgment about what is systemic and what's not until you know the nature of the...
125
125
Feb 20, 2011
02/11
by
CSPAN
tv
eye 125
favorite 0
quote 0
. >> thank you, mr. walsh. senator shelby? >> thank you, mr. chairman. i will direct this question first to chairman bernanke in the than some others. in a recent financial times article, secretary geithner talked about the difficulty of designating non-bank financial lens detentions as systemic he said, and i will quote, it depends too much on the state of the world of the time you want people to get judgment about what is systemic and what's not until you know the nature of the shock, in def quote. i find the secretary's comments interesting given his strong support of dodd-frank. if it is impossible to know what firms are systemic until the crisisccurs, the financial stability oversight council will have a very difficult time objectively selecting systemic banks and nonbanks behind the regulation. mr. chairman, as a member of the council, what is your view on whether the firms can be designated as a systemic without creatg some type of arbitrary process? >> senator, it is a difficult problem. as you say, you have different types of firms respond to di
. >> thank you, mr. walsh. senator shelby? >> thank you, mr. chairman. i will direct this question first to chairman bernanke in the than some others. in a recent financial times article, secretary geithner talked about the difficulty of designating non-bank financial lens detentions as systemic he said, and i will quote, it depends too much on the state of the world of the time you want people to get judgment about what is systemic and what's not until you know the nature of the...
154
154
Feb 17, 2011
02/11
by
CSPAN2
tv
eye 154
favorite 0
quote 0
we have had a number of different individual testify, chairman bernanke, cbo director elmendorf, mr. lew from omb. ifs each of them this question i will ask you as well. related to the draconian cuts proposed in the continuing resolution that we are considering right now by the republicans and the impact that they would potentially have on the recovery. if so could you comment on that because each of the previous three individual's i have asked all confirm that was a significant concern. >> well i'm a little reluctant to do so because we haven't seen how this comes out and of course it hasn't passed the congress that as many of people have observed him about putting so much of the burden and cutting discretionary spending which is a small share of our budget in one year and going so deeply into critical services that are important to future growth, in my judgment if congress were to pass those cuts, they would hurt our competitiveness, heard our growth prospects and that way in some ways make the long-term death of deficit problem worse. >> so it is risky and potentially wreck was to
we have had a number of different individual testify, chairman bernanke, cbo director elmendorf, mr. lew from omb. ifs each of them this question i will ask you as well. related to the draconian cuts proposed in the continuing resolution that we are considering right now by the republicans and the impact that they would potentially have on the recovery. if so could you comment on that because each of the previous three individual's i have asked all confirm that was a significant concern....
124
124
Feb 18, 2011
02/11
by
CSPAN2
tv
eye 124
favorite 0
quote 0
. >> mr. chairman, thank you. chairman bernanke, let me start with you and i went to visit with you a little bit about the interchange rules that she put out. when you start out with an observation. i think you folks send everybody. i think he stunned the retailers, the bangs. i don't think anyone ever expect to something this dramatic, district attorney and. do you agree with me that 80% of the transactions interchanged transactions are actually done by 8% in the house of the merchants out there? is that inaccurate statistic? i know it's very concentrated. obviously the large national firm's that account for a lot of the transactions, but i don't know the exact number. >> i think that's the best available information i can find. not only national firms were the biggest economic players. this isn't joe's hardware somewhere in nebraska. doesn't it occur to you that really what we have done their is we've taken money from this site or the economy through congressional price-fixing and directed you to transfer that m
. >> mr. chairman, thank you. chairman bernanke, let me start with you and i went to visit with you a little bit about the interchange rules that she put out. when you start out with an observation. i think you folks send everybody. i think he stunned the retailers, the bangs. i don't think anyone ever expect to something this dramatic, district attorney and. do you agree with me that 80% of the transactions interchanged transactions are actually done by 8% in the house of the merchants...
186
186
Feb 18, 2011
02/11
by
CSPAN2
tv
eye 186
favorite 0
quote 1
. >> thank you, mr. walsh. senator shelby? >> thank you, mr. chairman. i will direct this question first to chairman bernanke in the than some others. in a recent financial times article, secretary geithner talked about the difficulty of designating non-bank financial lens detentions as systemic he said, and i will quote, it depends too much on the state of the world of the time you want people to get judgment about what is systemic and what's not until you know the nature of the shock, in def quote. i find the secretary's comments interesting given his strong support of dodd-frank. if it is impossible to know what firms are systemic until the crisis occurs, the financial stability oversight council will have a very difficult time objectively selecting systemic banks and nonbanks behind the regulation. mr. chairman, as a member of the council, what is your view on whether the firms can be designated as a systemic without creating some type of arbitrary process? >> senator, it is a difficult problem. as you say, you have different types of firms respond t
. >> thank you, mr. walsh. senator shelby? >> thank you, mr. chairman. i will direct this question first to chairman bernanke in the than some others. in a recent financial times article, secretary geithner talked about the difficulty of designating non-bank financial lens detentions as systemic he said, and i will quote, it depends too much on the state of the world of the time you want people to get judgment about what is systemic and what's not until you know the nature of the...
165
165
Feb 21, 2011
02/11
by
CSPAN
tv
eye 165
favorite 0
quote 0
i studiously with mr. thomas focused on the work in front of us. my belief is, we need to have regulators with backbone, will and capacity, one of the things i talked to ben bernanke about is, wall street's a little like a greased pig, they keep moving fast. we need regulators, we need to give them the resources, i believe we need to stay vigilant because the financial system is constantly evolving very quickly. i think there's been an absence of lf-reflection on wall street, partly because the u.s. taxpayers bailed unite wall street. i do think the time -- >> if you could wrap up the answer in 30 seconds. >> i will. >> thank you. >> if laws had been broken, prosecutors should pursue where civil and criminal vlations occurred. there ought to be a sense of fairness. >> my time has expired. the chair recognizes the gentleman from north carolina for five minutes. >> the accusation's been made the commission failed to conduct an objective investigation. and so i know you discussed this immediately to mr. frank, his question to you about pinto's report
i studiously with mr. thomas focused on the work in front of us. my belief is, we need to have regulators with backbone, will and capacity, one of the things i talked to ben bernanke about is, wall street's a little like a greased pig, they keep moving fast. we need regulators, we need to give them the resources, i believe we need to stay vigilant because the financial system is constantly evolving very quickly. i think there's been an absence of lf-reflection on wall street, partly because the...
55
55
Feb 16, 2011
02/11
by
CSPAN2
tv
eye 55
favorite 0
quote 0
mr. rockefeller: mr. president? the presiding officer: the senator from west virginia. mr. rockefeller: i ask unanimous consent that the order of the quorum call be rescinded. the presiding officer: without objection. mr. rockefeller: i ask unanimous consent that the senate resume consideration of the baucus amendment number 75 as further modified. this is the amendment for the finance title of the bill that we're on which was reported out by the finance committee last week. further, that the agreement as further modified be agreed to and the motion to reconsider be laid on the table with no intervening action or debate. the presiding officer: is there objection? without objection, so ordered. ms. cantwell: mr. president? the presiding officer: the senator from washington. ms. cantwell: mr. president, i come to the floor today to comment. i heard both the chairman and the ranking member giving comments about the f.a.a. bill. first of all, i want to thank them for their hard work and dilig
mr. rockefeller: mr. president? the presiding officer: the senator from west virginia. mr. rockefeller: i ask unanimous consent that the order of the quorum call be rescinded. the presiding officer: without objection. mr. rockefeller: i ask unanimous consent that the senate resume consideration of the baucus amendment number 75 as further modified. this is the amendment for the finance title of the bill that we're on which was reported out by the finance committee last week. further, that the...